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Every summer, the New York City LISC Cashin Fellows program gives college and high school students the opportunity to gain valuable career experience in community development. Each Fellow is paired with a local community-based organization and becomes deeply involved in a wide variety of activities that include affordable housing development, community organizing, access to healthy foods, and economic development. On July 20th, the 2016 Cashin Fellows joined LISC New York City, Bedford Stuyvesant Restoration Corporation, and Bridge Street Development Corporation on a tour through Bedford-Stuyvesant, the neighborhood that served as the birthplace of community development. Read the story!
(Pictured above: LISC Board member Lisa Cashin and the 2016 Cashin Fellows)
On August 4th, The Equity Project Charter School (TEP) closed on the financing required to construct a new $37 million middle school facility at 153 Sherman Avenue, less than a mile from TEP’s current trailers. The financing for the project was made possible through $12.27 million in New Markets Tax Credits allocations from LISC ($3.7 million), The Community Builders ($7 million), and Capital One ($2 million), a $17.25 million loan from Deutsche Bank’s Community Development Finance Group and LISC, and a $2.7 million bridge loan from LISC and Building Hope. Capital One is providing $4.3 million in NMTC equity. Read the story!
On Wednesday, August 3rd, LISC New York City and other partners joined The Bridge for the groundbreaking ceremony for Melrose Commons Supportive Housing, a 58-unit residential development serving veterans that will be built at 425 East 161st Street in the South Bronx. The total development cost of the project is approximately $25.2 million. LISC affiliate NEF syndicated $10.87 million in Low Income Housing Tax Credits (LIHTC) for the project, and both LISC NYC and NEF provided pre-development funding via the Bring Them HOMES veterans initiative. The development site is part of the Melrose Commons Urban Renewal Area, which is the last major urban renewal site in the Bronx. Read the story!
Through a $2.9M construction loan, LISC NYC is helping Bridge Street Development Corporation to preserve the Kings Covenant buildings, a collection of nine developments with a total of 74 apartments in the Brooklyn neighborhoods of Bedford-Stuyvesant, Crown Heights, and Park Slope. The apartments were part of the NYC Department of Housing Preservation and Development (HPD) Third Party Transfer (TPT) Program, which targets properties that have substantial tax arrears and are in poor physical condition. The extensive renovations will include roof abatement, boiler replacement, fire escape repairs and new windows in the bathrooms and kitchens. The project is scheduled to be complete in 2018. Read the story!
Maurice Jones, Virginia’s commerce secretary and a former HUD official, has been chosen to serve as LISC’s new president and CEO. He succeeds Michael Rubinger, who will step down after 17 years as CEO. Jones brings to the leadership role a career’s worth of business, management and policy experience, as well as an enduring personal commitment to improving communities and the lives of low-income Americans. Read the press release!
Attorney General Eric Schneiderman has announced a grant program to provide funds to municipalities all over New York State to fund zombie/vacant property programs and initiatives with a focus on implementing the new zombie law passed in June. LISC will issue invitations to 100 municipalities across New York State to apply for $13 million in funds made available from the bank settlement reached with Morgan Stanley. Click here for LISC's fact sheet on the initiative.
LISC NYC has been awarded $500,000 from the Citi Foundation’s Community Progress Makers Fund, which recognizes visionary nonprofit organizations and new approaches to long-standing urban economic challenges in the United States. The grant will support LISC NYC’s core operations over two years to grow impact development initiatives, real estate projects that drive neighborhood economic development led by mission-oriented, community-based organizations committed to social change. Read the release!
On June 30th, the City of New York purchased 24 distressed mortgages for one- to four-family homes in the Bronx, Brooklyn, Queens, and Staten Island. The purchase was made through the Community Restoration Program, which aims to keep people who are at risk of foreclosure in their homes. The $13 million purchase was funded with $1 million in seed money allocated by the New York City Council, which in turn leveraged $6.9 million in private financing from Goldman Sachs’ Urban Investment Group, and a $2.2 million grant from LISC, which was funded by a bank settlement obtained by the New York State Attorney General. The Community Restoration Program, which is being carried out through a partnership between the City and five nonprofit organizations, the Center for NYC Neighborhoods, MHANY Management, Inc., Neighborhood Restore Housing Development Fund Corporation, the National Community Stabilization Trust, and Preserving City Neighborhoods Housing Fund Corporation, will serve as a model for cities around the nation seeking to purchase distressed mortgages from the federal government as a strategy for preserving affordable housing and stabilizing neighborhoods. Read the Mayor’s Press Release here.
LISC NYC and its affiliate, the National Equity Fund, Inc. (NEF), have closed on Tres Puentes, a new, 175-unit affordable housing complex for low-income tenants seniors in the Mott Haven neighborhood of the Bronx. Tres Puentes is owned by West Side Federation for Senior and Supportive Housing, Inc., a longtime LISC NYC community development partner.
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